AAVE at Risk of Correction as Support Fails

The asset is showing signs of a potential correction. It is attempting to stay above the MA200 moving average; however, the likelihood is that sellers will continue exerting pressure, leading to a breach of this level. On the 4-hour time frame, the Ichimoku cloud has begun to turn over, and the price has moved below the MA50, indicating a worsening situation. It is believed that an immediate downward movement will occur, consolidating below the MA200. Target levels are set at $241.39, $225.77, and $210.57, with a stop-loss at $273.76. Investors should be cautious as the technical indicators suggest a shift towards bearish momentum. Trading recommendations include monitoring the above levels carefully, considering a short position if the price confirms the bearish signals. Alternatively, traders might wait for further confirmation before making moves, given the increasing negativity on the chart. For trading activity, BingX platform offers benefits such as reduced commission fees and bonuses, which can be advantageous for active traders. The channels for analytics signals, news, promotions, and copy trading are also recommended for staying updated. In conclusion, the current technical setup points toward a correction phase driven by pressure below the MA structures and cloud indicators, with targeted support levels providing potential entry points for a bearish trade, but only with confirmation.